Hardware Worth $1.9 Million Stolen in Russias Crypto Mining Capital
Russia's Crypto Mining
Modified Date:- Published Date:-Categories: Cryptocurrency
The number of Bitcoins held on centralized exchanges has dropped to the lowest level since 2018, according to information from Glassnode. Users seem to be pulling assets following fears of contagion after the recent issues with Celsius and Babel Finance. The chart below showed a steep decline in BTC on exchanges on June 13 when Celsius announced it would suspend withdrawals.
The volume of BTC on exchanges broke 2.4 million BTC in 2018 and has never dropped below this milestone until this June. It reached a peak in May 2020 at 3.1 million BTC and has been in a downtrend ever since.
Historically, investors have seen cryptocurrency leaving exchanges as a bullish indicator. As the balance of an asset on exchanges decreases, so does the liquidity and its ability to be traded. Many believe that when Bitcoin outflows increase, it is due to investors moving coins into cold wallets to hodl long-term.
Crypto Mining, Hardware, Investors, Bitcoin, BTC Exchanges, Celsius Finance, Babel Finance